Compensating wage differentials for job stress

Recent medical studies have demonstrated a strong relationship between mental stress and cardiac events such as myocardial infarction and stroke. In the workplace, stress once accounted for less than 5% of all occupational disease claims, but it now accounts for over 15%. Although research on the effects of mental stress is increasing, few studies offer an economic perspective. In this paper, we examine the effects of job stress on weekly wages and explore the possibility that stress commands a compensating wage differential. Our findings suggest that, ceteris paribus, a wage differential does exist between workers experiencing mental stress and their ‘non-stressed’ cohorts. After controlling for other demographic and occupational factors, we found a statistically significant wage premium ranging from 3 to 10% attributable to mental stress. In addition, the magnitude of the differential varies by gender.     

THE IMPACT OF INSURANCE SUBSIDIES ON SELF‐EMPLOYMENT: DO STATE NON‐GROUP HEALTH INSURANCE REGULATIONS MATTER?

This paper tests whether the effect of tax‐based subsidies for self‐employed health insurance on the level of self‐employment differs with the type of non‐group insurance regulatory regime at the state level. Using a panel of tax returns from 1999 to 2004, we estimate fixed effects instrumental variable regressions for the probability of being self‐employed, allowing the effect of the after‐tax price of self‐employed health insurance to differ by regulatory regime. Our results suggest that states with community rating and guaranteed issue regulations had significantly smaller increases in the fraction of taxpayers reporting some amount of self‐employment income as a result of a decrease in the after‐tax price of self‐employed health insurance. However, there is suggestive evidence that heavily regulated states experienced a larger increase in exclusive self‐employment, particularly among older taxpayers. (JEL J24, H24, I18)     

Exchange rate volatility and the role of regional currency linkages: the ASEAN case

As the economies of the Association of Southeast Asian Nations (ASEAN) have moved towards closer economic ties and trade integration in recent years, the establishment of exchange rate stability is becoming an important regional policy concern, particularly in the wake of the Asian currency crisis of 1997. This paper examines the exchange rate volatility of the currencies of Indonesia, Malaysia, Philippines, Singapore and Thailand between 1974 and 1999. Using variance decomposition (VDC) methods and impulse response functions, which are VAR-related estimation techniques, the study also investigates the regional currency linkages which may have played a role in transmitting exchange rate fluctuations. The results indicate that, in spite of the adoption of the crawling peg exchange regime following the breakup of the Bretton Woods system, all of the five ASEAN currencies experienced volatility, with the Indonesian rupiah posting the highest volatility level. The switch to de facto pegging against the US dollar in the mid-1980s helped to stabilize all ASEAN currencies with the exception of the Malaysian ringgit. Each of the five currencies became more susceptible to instabilities in other ASEAN currencies in the post-1985 period. Consistent with the experience of the Asian currency crisis, the Thai baht was the main channel through which regional currency fluctuations were transmitted.     

A multivariate cointegrated model testing for temporal causality between exports and outward foreign investment: the Spanish case

Historically, outward foreign direct investment has been contemplated as an alternative way of firms' internationalization. In this line, a relational substitution between exports and foreign direct investment would be expected. However, this seems to contrast with recent developments in the ‘new trade theory’ which show that the volume of trade and the emergence of multinational firms may be positively related one to the other. This paper investigates if some empirical evidence exists either supporting a substitution or a complementary relationship between both forms of internationalization. With this aim, an aggregate time series approach was adopted using quarterly aggregate data (seasonal adjusted) from the Spanish economy covering the period 1970.I–1992.III. A vector autoregressive model was employed for both multivariate cointegration analysis and Granger temporal causality testing. The strength and direction of causal relationships are shown through the dynamic variance decomposition and the impulse response technique. Once controlling for relative market size and prices, the results provide evidence of a positive long-term Granger causality going from foreign direct investment to exports, although not in the opposite direction.     

State English-only policies and English-language investments

Many states in the US have considered adopting ‘English-only’ legislation since the early 1980s. This paper argues that this legislation has a variety of expected and unexpected outcomes. Using the 1980 and 1990 Integrated Public Use Microdata Series (IPUMS), this study finds that Asian immigrants in general and Hispanic immigrants who arrived to the US prior to 1970 acquired more English fluency on average during the 1980s when residing in states that passed English-only (EO) legislation compared to their similar peers. The passage of such legislation also appears to have distorted residence decisions as well as the relative quality of immigrants between EO and non-EO states.     

Effectiveness and safety of betrixaban extended prophylaxis for venous thromboembolism compared with standard-duration prophylaxis intervention in acute medically ill patients: a systematic literature review and network meta-analysis

Abstract

Aims: To determine the clinical effectiveness and safety of venous thromboembolism (VTE) prophylaxis using US- and Europe-approved anticoagulants relative to extended-duration VTE prophylaxis with betrixaban. Low molecular weight heparins (LMWHs), unfractionated heparin (UFH), fondaparinux sodium and placebo were each compared to betrixaban, as standard-duration VTE prophylaxis for hospitalized, non-surgical patients with acute medical illness at risk of VTE.

Materials and methods: A systematic literature review was conducted up to June 2019 to identify randomized controlled trials (RCTs) of VTE prophylaxis in hospitalized, non-surgical patients with acute medical illness at risk of VTE. Studies that reported the occurrence of VTE events (including death) and, where possible, major bleeding, from treatment initiation to 20–50?days thereafter were retrieved and extracted. A Bayesian fixed effect network meta-analysis was used to estimate efficacy and safety of betrixaban compared with standard-duration VTE prophylaxis.

Results: Seven RCTs were analyzed which compared betrixaban, LMWHs, UFH, fondaparinux sodium, or placebo. There were significantly higher odds (median odds [95% credible interval]) of VTE with LMWHs (1.38 [1.12–1.70]), UFH (1.60 [1.05–2.46]), and placebo (2.37 [1.55–3.66]) compared with betrixaban. There were significantly higher odds of VTE-related death with placebo (7.76 [2.14–34.40]) compared with betrixaban. No significant differences were observed for the odds of major bleeding with all comparators, VTE-related death with any active standard-duration VTE prophylaxis, or of VTE with fondaparinux sodium, compared with betrixaban.

Limitations and conclusions: In this indirect comparison, betrixaban was shown to be an effective regimen with relative benefits compared with LMWHs and UFH. This indicates that betrixaban could reduce the burden of VTE in at-risk hospitalized patients with acute medical illness who need extended prophylaxis, though without direct comparative evidence, stronger conclusions cannot be drawn.     

Income inequality,unemployment, and poverty in Nigeria: a vector autoregressive approach

The main features of poverty are low levels of consumption and income, a fact‐of‐life in most African countries. This paper analyzes the fundamental trends of per capita income, government capital expenditure, the human development index, and the rate of unemployment in the Nigeria. A vector autoregressive model finds that: A reduced unemployment rate improves human development and consequently reduces poverty. As growth in public capital expenditure rises, unemployment falls and the human development index improves. Therefore, infrastructure‐based policies, which initially reduce unemployment, will also improve the living conditions of Nigerians in the end.